Stocks in the United States have fallen.
The yield on the 10-year US Treasury note jumped above 2.8 percent on Thursday, maintaining its upward trend after Wednesday’s fall boosted stocks. Treasury yields can be used as an indicator of interest rates.
“Right now, we’re connected to this linkage between rising yields and falling tech stocks,” said National Securities strategist Art Hogan.
Because technology companies rely on debt more than other industries, they often respond negatively to increasing interest rates.
Concerns over rising yields as a result of the Federal Reserve’s tightening policies overshadowed a report indicating weaker-than-expected retail sales growth in March, as well as mixed earnings from large banks.
The broad-based S&P 500 index ended the day at 4,392.59, down 1.2 percent for the session and 2.1 percent for the year.
